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Asunto:[LEA-Venezuela] (en ingles) Vanessa refuta acusaciones de la CVG en mina de oro Las Cristinas
Fecha:Miercoles, 7 de Agosto, 2002  20:07:48 (-0400)
Autor:interfaz <interfaz @.....net>



Vanessa Ventures refuta las acusaciones de la CVG del 24 de Julio pasado
donde el gobierno venezolano dice que se perdieron 1 millon de dolares en
la mina de oro de las cristinas. Vanessa Ventures dice que las acusaciones
se basan en un reporte ficticio producido por un comite gubernamental
venezolano.



---------------- 
http://library.northernlight.com/FA20020801440000024.html?cb=0&dx=1006&sc=0#
doc

Vannessa rebuts CVG accusations -- TSX: VVV OTC-BB: VNVNF Berlin: VVT - WKN
914781 

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  VANCOUVER, BC, Aug 01, 2002 (Canada NewsWire via COMTEX) -- Vannessa
Ventures Ltd. wishes to respond to a recent press release issued by
Corporacion Venezolana de Guayana (CVG) through Canada NewsWire on July 24,
2002. The release, written and distributed out of Miami and paid for by
unknown entities, was based largely on a fictitious report allegedly
produced by a government committee. (The release has since been pulled off
Canada NewsWire's web site because Imago Communications, the firm that has
been representing CVG, refused to disclose the party that authorized the
release.) 
 
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Source:  Canada Newswire 
Date:  08/01/2002 01:52 
Price:  Free 
Document Size:  Medium (3 to 7 pages) 
Document ID:  FA20020801440000024 
Subject(s):  Cnw; Advertising; Canada; Communications; Community;
Construction; Costa Rica; Deficit; Delaware; Democracy; Diamond;
Environmental Impact; Equity; Exploration; Foreign Affairs; Foreign
Investment; Foundation; Gold; Government; Guyana; Investigation; Legal;
Mining; Newspaper; OTC; President; Property; Track; Vancouver; Venezuela;
Web
 
 







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Vannessa rebuts CVG accusations -- TSX: VVV OTC-BB: VNVNF Berlin: VVT - WKN
914781 

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Story Filed: Thursday, August 01, 2002 1:52 AM EST 

VANCOUVER, BC, Aug 01, 2002 (Canada NewsWire via COMTEX) -- Vannessa
Ventures Ltd. wishes to respond to a recent press release issued by
Corporacion Venezolana de Guayana (CVG) through Canada NewsWire on July 24,
2002. The release, written and distributed out of Miami and paid for by
unknown entities, was based largely on a fictitious report allegedly
produced by a government committee. (The release has since been pulled off
Canada NewsWire's web site because Imago Communications, the firm that has
been representing CVG, refused to disclose the party that authorized the
release.) 

Instead of engaging in a direct dialogue with stakeholders involved in the
Las Cristinas deposit, namely Vannessa and the Company's 95% owned Minera
Las Cristinas (MINCA), CVG and certain parties have chosen to wage a
campaign of misinformation aimed at discrediting Vannessa with the
Venezuelan people and the international mining and exploration community at
large. 

This latest attempt by CVG and other interested parties, which have been
unable to achieve their goals by legal means, is an unnecessary and
deplorable escalation of the dispute, the very antithesis of building trust
and honoring rights so essential to the effective and speedy development of
Las Cristinas. 

The allegations raised in the release are patently obvious to anyone
familiar with the historical development of the Las Cristinas project. Not
responding will confuse Company's stakeholders and interested parties who
are unfamiliar with the dispute and encourage more mudslinging from CVG and
its associates. 

ON THE FAILURE OF CVG TO EARN $500 MILLION FROM LAS CRISTINAS 

Considering the time-consuming and drawn out nature of proving any mineral
discovery economic, CVG's $500 million statement is hyperbolic. MINCA only
entered into an agreement with CVG to carry out exploration, development
and exploitation of alluvial and vein deposits of gold and diamonds at Las
Cristinas in 1992. 

It was not until the spring of 1997 that a feasibility study was completed
and all licenses for the development were issued by the Venezuelan
government. During that period, well over US $100 million was spent on
exploration, drilling, and commissioning the feasibility study. 

Shortly after that date, a court case initiated by Crystallex International
Corp. delayed the startup of construction until Crystallex's claim was
rejected by the Supreme Court of Venezuela in June 1998. By that time, the
price of gold had fallen to $250. Subsequently, MINCA's Board of Directors,
including two directors representing CVG, approved the suspension of mine
construction. 

Also, considering a construction period of two to three years for a project
of that magnitude, the earliest date for production would have been 2001.
How CVG, with only five per cent equity interest, could have earned US$500
million in a possible one-year operation is anybody's guess. 

MINCA has a three-phase plan that would have seen the Las Cristinas project
activated immediately and subsequently developed in stages as dictated by
the economics of the project and the gold price. 

ON VANNESSA'S "CONTINUING LOSSES AND ACCUMULATED DEFICIT" 

CVG's press release states that Vannessa is carrying a deficit of CDN $11
million "which reflects irregular financial situation that does not inspire
confidence." 

It's true Vannessa had an accumulated deficit of $11 million as at March
30, 2001. However, more than half of that amount, $6.5 million, is
completely unrelated to Vannessa's activities and was carried over from an
inactive shell company Vannessa took over when it went public in 1996. 

It is normal for an exploration company to incur deficits during property
investigations and exploration and to write off those costs when properties
turn out to be uneconomic. Such losses, however, are often more than offset
by mineral discoveries or advances made in moving a mineral deposit closer
toward production as evidenced by Vannessa's success in bringing Guyana's
first alluvial diamond mine into production and advancing Costa Rica's
Cerro Crucitas project to the environmental permitting stage, one step
short from production. 

ON INVESTIGATIONS ABOUT VANNESSA'S FINANCIAL CONDITIONS UNDERTAKEN BY THE 

VANCOUVER STOCK EXCHANGE 

The release mentioned a report commissioned by the Venezuelan government
that is based on the "findings of a thorough investigation undertaken at
the Vancouver Stock Exchange" regarding Vannessa's financial performance. 

This is completely false. There has never been an investigation to begin
with. Furthermore, the Vancouver Stock Exchange no longer exists. 

ON VANNESSA'S "LACK OF FINANCIAL STRENGTH" 

Vannessa's diverse geographic reach, focus on operational excellence and
strong financial conditions have enabled it to extract maximum value from
distressed projects that became available in the last several years. 

Las Cristinas was no exception. Upon taking over the project from Placer
Dome, Vannessa had a plan in place to put Las Cristinas into production in
staged development. At the time, the Company had a US $50 million line of
credit to back up its plan. CVG never gave MINCA an opportunity to
implement its plans and, by seizing the property, put hundreds of people
out of work. 

Regarding the Company's Cerro Crucitas' project in Costa Rica, the Company
has an indicative letter of financing from a large financial institution to
fund the project's US $28 million costs. 

Vannessa's Maple Creek alluvial diamond mine is now operating. The project
is fully funded and is moving forward from a position of strength. 

Vannessa's projects may experience unexpected delays from time to time due
to factors beyond its control - and such challenges are to be expected -
but overall, the Company remains on track to achieving its goals and
objectives. 

ON VANNESSA'S CONFLICTS WITH THE COSTA RICAN GOVERNMENT 

The Company has no conflicts in Costa Rica. Review of Vannessa's
Environmental Impact Statement is ongoing. There is no legal challenge to
Vannessa's Cerro Crucitas project or any other projects, only an
understandable desire by the Costa Rican government to protect the
environment, a commendable goal shared by Vannessa. 

ON A "GOVERNMENT REPORT" CONCERNING LAS CRISTINAS 

MINCA, its legal representatives, journalists and shareholders who have
tried to obtain the report have been unable to do so. According to the
Secretariat of the Venezuelan government, no such report is known or
available for distribution. 

A report by the "sub-Committee on Foreign Affairs" has been quoted in one
Venezuelan newspaper; however it turned out to be a "paid advertisement"
placed by the same Miami agency and not identified as a "paid advertising"
item at the time of publication. MINCA is currently taking legal steps with
respect to the fictitious placements. 

    ON ALLEGATIONS THAT VANNESSA ATTEMPTS TO INFLUENCE THE GLOBAL PRICE OF
    GOLD THROUGH ITS EXTENSIVE PROPERTY HOLDINGS
No comment. 

SUMMARY 

CVG's continuing refusal to engage in a dialogue with MINCA has set back
the development of Las Cristinas and impaired the social and economic
development of communities in the region. 

CVG's unlawful seizure of the mine site set a bad national precedent and
risks scaring off much needed foreign investment which Venezuela requires
to alleviate social and economic problems. More than the ownership of Las
Cristinas is at stake: Venezuela's very own legal foundation and a sense of
order which encourages individuals and businesses to plan for the future
and to make rational decisions are also at risk. 

This CVG-initiated dispute may look like a domestic squabble, but the
outcome will have broad international impact. CVG's action must be reversed
soon before the fallout from its action deters foreign investment and does
serious damage to Venezuela's exploration and mining industry. 

The protection of foreign investment and the need for fair due judicial
process are issues basic to all civil societies. Any working, or aspiring,
democracy has to decide how to make room for fundamental rights of foreign
businesses operating legitimately within the bounds of national laws.
Vannessa is confident that in the end justice will prevail and that MINCA's
rightful ownership of Las Cristinas will be confirmed by the court. 

Vannessa Ventures Ltd.'s shares are traded under the ticker symbol VVV on
the Toronto Venture Exchange, VNVNF on the OTC Bulletin Board and VVT-WKN
914781 on the Berlin Stock Exchange. 

"MANFRED PESCHKE" 

    ----------------------------
    Manfred Peschke, President
    VANNESSA VENTURES LTD.
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this News
    Release.
    %SEDAR: 00008415E
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=48611 

CONTACT:          For further information: VANNESSA VENTURES LTD.,
1710-1040 West Georgia
                  Street, Vancouver, B.C., Canada, V6E 4H1, Tel: (604)
689-8927, Fax:
                  (604) 689-8907, E-mail: info(at)vannessa.com, Website: 
www.vannessa.com; Kelly
                  Samuels, B.Sc. (Geol.), Corporate Communications (604)
689-8927
News release via Canada NewsWire, Vancouver 604-669-7764 

Copyright (C) 2002 CNW, All rights reserved 


KEYWORD:          VANCOUVER, BC
INDUSTRY KEYWORD: MNG
                  OTC

Copyright © 2002, Canada Newswire, all rights reserved.


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